MIK Group has officially requested permission from the Hanoi People’s Committee to withdraw from the consortium of investors implementing the Red River Scenic Boulevard - one of the capital’s most significant infrastructure and urban planning projects.

According to the company’s statement, MIK Group has conducted a comprehensive review and detailed evaluation of the project and concluded that the remaining investors are among Vietnam’s leading corporations with strong financial capacity and extensive experience in large-scale developments across the country.

“MIK Group’s withdrawal will not affect the project’s progress or quality,” the firm emphasized in its announcement.

Stake transferred to lead investor Dai Quang Minh

In a spirit of consensus and cooperation, MIK Group said it had worked closely with Đại Quang Minh Real Estate Investment JSC - the lead member of the investor consortium - and other partners to reach agreement on its withdrawal and to transfer all of its rights and obligations within the consortium to Đại Quang Minh, in accordance with the parties’ contractual arrangements.

Representatives from MIK Group noted that the Red River Scenic Boulevard is a flagship megaproject of Hanoi, encompassing urban planning, land development, landscape restoration, and infrastructure construction.

The company’s decision to voluntarily withdraw and transfer its capital contribution entirely to Đại Quang Minh is described as a strategic step to ensure smooth coordination and implementation during the next phase of the project.

Hanoi’s landmark riverside project

Earlier, on December 14, the Hanoi People’s Council passed Resolution No. 498, giving in-principle approval for the Red River Scenic Boulevard project and its initial independent subproject to prepare for groundbreaking.

On December 17, the Hanoi People’s Committee issued Decision No. 6281, officially selecting the consortium of investors to execute the project under a public-private partnership (PPP) model using a Build–Transfer (BT) contract.

The consortium includes Đại Quang Minh, Văn Phú Invest, MIK Group, Thaco Group, T&T Group, and Hòa Phát Group.

Just two days later, on December 19, the project was among 234 key projects nationwide simultaneously commenced, inaugurated, or opened to traffic in celebration of the upcoming 14th National Party Congress.

A megaproject shaping Hanoi’s future

The Red River Scenic Boulevard, with an estimated total investment of 300 trillion VND (approximately USD 12 billion), is envisioned as a symbolic urban axis reshaping Hanoi’s landscape along the Red River.

Experts describe it as a transformative project that will balance urban growth with sustainability and safety, bringing the capital closer to the vision of a “happy city.”

In addition to the boulevard, Hanoi plans to construct an underground tunnel beneath the Red River dyke, connecting Tran Nguyen Han Street with Chuong Duong Do Street, and to develop architectural landmarks along the riverbanks across districts such as Tay Ho, Cau Giay, Nam Tu Liem, Bac Tu Liem, Thanh Xuan, and Ha Dong.

Strategic continuity ensured

MIK Group reaffirmed that its exit is not due to financial or procedural obstacles but rather a strategic reallocation of resources, adding that its departure will not disrupt the overall project timeline or structure.

With Đại Quang Minh now taking full responsibility as lead investor, the project is expected to proceed as planned, with groundbreaking and early-stage development already underway.

Hong Khanh